Warren Buffett's company joins oil-buying frenzy this week by resuming its Occidental Petroleum buys

Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months. Buffett's company said late Wednesday that it invested more than $246 million to add to its already massive Occidental stake. Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it control of nearly 26% of Occidental. These latest Berkshire purchases began on the same day Chevron announced it was buying Hess Corp. for $53 billion in the second megadeal in the oil sector this month after Exxon Mobil said it would buy Pioneer Natural Resources for about $60 billion.